Cloud Computing ETF (CLOU) Hits New 52-Week High

For investors seeking momentum, GX Cloud Computing ETF CLOU is probably on the radar. The fund just hit a 52-week high and is up 47.94% from its 52-week low price of $16/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:

CLOU in Focus

The underlying Indxx Global Cloud Computing Index provides exposure to exchange-listed companies in developed and emerging markets that are positioned to benefit from the increased adoption of cloud computing technology. The product charges 68 bps in annual fees (See: All Technology ETFs).

Why the Move?

The cloud computing corner of the broad stock market has been an area to watch lately, given rising demand. Cloud computing has been an important catalyst in technological advancement, offering efficient solutions to consumers and enterprises alike. Advancements in cloud tech like AI and cybersecurity have broadened cloud service applications, drawing in a wider customer demographic. Additionally, growing investments in cloud infrastructure have played a pivotal role in driving growth.

More Gains Ahead?

Currently, CLOU has a Zacks ETF Rank #1 (Strong Buy) and might continue its strong performance in the near term, with a positive weighted alpha of 34.21, which gives cues of a further rally.

Want key ETF info delivered straight to your inbox?

Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week.

Get it free >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Global X Cloud Computing ETF (CLOU): ETF Research Reports

To read this article on Zacks.com click here.

Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.